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Novonix nears the $600m level after another huge jump

Business

The remarkable rise of Brisbane tech junior Novonix has continued with another spectacular leap on the market.

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The battery maker jumped 16 per cent yesterday after escaping the worst of last week’s tech crash.

This time the rise was solely because it was given entry into the S&P All Technologies index which will mean it will be snapped up by those who invest through index funds. Almost 10 million of its shares were traded yesterday.

The company, which has claimed to have made a breakthrough in battery technology, closed yesterday at $1.97. On March 19, when as the ASX crashed, it was trading at 18 cents and its market capitalisation is close to $600 million.

At the same time lotteries operator Jumbo Interactive fell out of the All Australian 200 index and Suncorp was ditched from the ASX 20 index. Their removal from those indexes had little impact on shares yesterday.

 

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